Can't sell your land? What is the solution? Have you considered other alternate selling strategies such as:
- Vendor Finance
- Joint Venture with a local builder
- Joint Venture with an Investor
- Delayed Settlement
- Part sale
- Pay the Buyers stamp duty and expenses
These are just a few suggestions that sellers can consider. The above options can also be combined to real effect.
The idea is to make your block of land stand out from the rest of the properties on the market. Make your property easy to buy and it will naturally become easy to sell.
Finance for land is tough at the moment and buyers are finding it difficult to purchase if their finances are not in order. The Banks have tightened the Loan to Value Ratios meaning buyers need more equity or a bigger deposit. Accordingly buyer numbers have reduced.
The usual course for the Agent after the property has been on the market for a few months is to recommend a price reduction. In this respect, do your research to find out what the actual sale prices of similar properties have been in recent times. this will give you a better indication whether price is the real reason the property has not sold.
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Comments by Dean Carver - Solicitor and Real Estate Strategist - Carver Lawyers - phone (02) 9773 4550
